MIRA INFORM REPORT

Report Date :

26.07.2007

IDENTIFICATION DETAILS

Name :	FUJI TECHNOLOGIES PRIVATE LIMITED
Registered Office :	91 Degu Lone 10 # 04 – 03 Swee Hin Building Spore 539221
Country :	Singapore
Date of Incorporation :	10.07.2001
Com. Reg. No.:	200104529D
Legal Form :	Exempt Private Limited
Line of Business :	Importers and exporters of industrial plant machinery and parts

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Status :	Moderate
Payment Behaviour :	Regular
Litigation :	Clear

NAME

FUJI TECHNOLOGIES PTE LTD

Line of Business 

IMPORTERS AND EXPORTERS OF INDUSTRIAL PLANT MACHINERY AND PARTS

Financial Elements

Sales : S$2,349,335

Networth : S$-31,495

Paid-Up Capital : S$10

Net result : S$27,585

Net Margin(%) : 1.17

Return on Equity(%) : -87.59

Leverage Ratio : -30.24

COMPANY IDENTIFICATION

^{Subject Company : FUJI TECHNOLOGIES PTE LTD}

^{Business Address : 91 DEFU LANE 10}

^#04-03

^{SWEE HIN BUILDING}

^{Town : SINGAPORE}

^{Postcode : 539221}

^{Country : Singapore}

^{Telephone : 6256 7371}

^{Fax : 6256 7351}

^{ROC Number : 200104529D}

SUMMARY

^{All amounts in this report are in: SGD unless otherwise stated}

^{Legal Form : Exempt Private Limited}

^{Date Inc. : 10/07/2001}

^{Summary year : 30/06/2005}

^{Sales : 2,349,335}

^{Networth : -31,495}

^{Capital : 100,000}

^{Paid-Up Capital : 10}

^{Net result : 27,585}

^{Share value : 1}

^{AUDITOR : K.C. CHAN & CO}

PRINCIPAL(S)

^{ONG CHIN LEONG S1403150B Director}

DIRECTOR(S)

^{KHAW YIO LOK S1311899Z}

^{Company Secretary}

^{Appointed on 15/10/2004}

^{Street : 80A LORONG 25A GEYLANG}

^{Town : SINGAPORE}

^{Postcode : 388260}

^{Country : Singapore}

^{ONG CHIN LEONG S1403150B}

^Director

^{Appointed on : 10/07/2001}

^{Street : 503 SEMBAWANG ROAD}

^#01-22

^SELETARIS

^{Town :SINGAPORE}

^{Postcode : 757707}

^{Country : Singapore}

^{ONG BEE HWA S1411757A}

^Director

^{Appointed on : 10/07/2001}

^{Street : 503 SEMBAWANG ROAD}

^#01-22

^SELETARI

^{Town : SINGAPORE}

^{Postcode : 757707}

^{Country : Singapore}

ACTIVITY (IES)

^{NGINEERING CONSULTANCY SERVICES}

^{Code: 7865}

^{IMPORTERS and EXPORTERS}

^{Code: 11760}

^{BASED ON ACRA'S RECORD AS AT 20/07/2007}

^{1) INDUSTRIAL PLANT ENGINEERING SERVICES}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

CHARGES

^{Date : 26/12/2006}

^{Comments : CHARGE NO: C200608697}

^{AMOUNT SECURED: 0.00 AND ALL MONIES OWING}

^{CHARGEE(S): DBS BANK LIMITED}

PREMISES/PROPERTY INFORMATIONS

No Premises/Property Information In Our Databases

BANKERS

^{DBS BANK LTD.}

SHAREHOLDERS(S)

^{ONG CHIN LEONG 9}

^{Private Person}

^{Street : 503 SEMBAWANG ROAD}

^#01-22

^SELETARIS

^{Town : SINGAPORE}

^{Postcode : 757707}

^{Country : Singapore}

^{ONG BEE HWA 1}

^{Private Person}

^{Street : 503 SEMBAWANG ROAD}

^#01-22

^SELETARIS

^{Town : SINGAPORE}

^{Postcode : 757707}

^{Country : Singapore}

SUBSIDIARY (IES)

No Participation In Our Database

PAYMENT HISTORY AND EXPERIENCES

^{Trade Morality : AVERAGE}

^{Liquidity : LACKING}

^{Payments : REGULAR}

^{Trend : UPWARD}

^{Financial Situation : BAD}

LITIGATION(S)

No Litigation In Our Database

FINANCIAL ELEMENTS

^{All amounts in this report are in: SGD}

^{Date Account Lodged: 23/11/2006}

^{Balance Sheet Date: 30/06/2005 30/06/2004}

^{Number of weeks: 52 52}

^{Consolidation Code: COMPANY COMPANY}

^{--- ASSETS}

^{Inventories: 320,971 272,981}

^{Receivables: 376,200 489,321}

^{Cash,Banks, Securitis: 124,388 187,907}

^{Other current assets: 99,294 23,036}

^{Total Current Assets: 920,853 973,245}

^{TOTAL ASSETS: 920,853 973,245}

^{--- LIABILITIES}

^{Equity capital: 10 10}

^{Profit & loss Account: -31,505 -59,090}

^{TOTAL EQUITY: -31,495 -59,080}

^{Trade Creditors: 896,492 1,012,835}

^{Prepay. & Def. charges: 53,400 18,400}

^Provisions - -

^{Total short term Liab.: 952,348 1,032,325}

^{TOTAL LIABILITIES: 952,348 1,032,325}

^{--- PROFIT & LOSS ACCOUNT}

^{Net Sales 2,349,335 1,863,178}

^{Gross Profit: 461,664 388,893}

^{Result of ordinary operations 597,426 476,546}

^{NET RESULT BEFORE TAX: 28,951 17,671}

^{Tax : 1,366 -}

^{Net income/loss year: 27,585 17,671}

^{Directors Emoluments: 174,592 171,846}

^{Purchases,Sces & Other Goods: 1,887,671 1,474,285}

^{Wages and Salaries: 164,841 60,754}

^{Financial Income: 297 1,837}

RATIOS

^{30/06/2005 30/06/2004}

^{Net result / Turnover(%): 0.01 0.01}

^{Stock / Turnover(%): 0.14 0.15}

^{Net Margin(%): 1.17 0.95}

^{Return on Equity(%): -87.59 -29.91}

^{Return on Assets(%): 3.00 1.82}

^{Net Working capital: -31495.00 -59080.00}

^{Cash Ratio: 0.13 0.18}

^{Quick Ratio: 0.53 0.66}

^{Current ratio: 0.97 0.94}

^{Receivables Turnover: 57.65 94.55}

^{Leverage Ratio: -30.24 -17.47}

^{Net Margin : (100*Net income loss year)/Net sales}

^{Return on Equity : (100*Net income loss year)/Total equity}

^{Return on Assets : (100*Net income loss year)/Total fixed assets}

^{Net Working capital : Total current assets - Total short term liabilities}

^{Cash Ratio : Cash Bank securities/Total short term liabilities}

^{Quick Ratio : (Cash Bank securities+Receivables)/Total Short term liabilities}

^{Current ratio : Total current assets/Total short term liabilities}

^{Inventory Turnover : (360*Inventories)/Net sales}

^{Receivables Turnover : (Receivable*360)/Net sales}

^{Leverage Ratio : Total liabilities/(Total equity-Intangible assets)}

FINANCIAL COMMENTS

^{THE FINANICAL STATEMENTS ARE NOT REQUIRED TO BE AUDITED. PLEASE REFER TO THE LIMITED EXEMPT PRIVATE COMPANY CLAUSE BELOW FOR FURTHER INFORMATION.}

^{THE FINANCIAL CONDITION OF THE COMPANY WAS SEEN TO BE LIMITED IN VIEW OF THE FOLLOWING:}

^{NET WORTH:}

^{THE BALANCE SHEET WAS CONSIDERED INADEQUATE WITH NEGATIVE NET WORTH DECLINING BY 46.69% FROM S$59,080 IN FY 2004 TO S$31,495 IN FY 2005. THIS WAS DUE TO LOWER ACCUMULATED LOSS OF S$31,505 (2004: S$-59,090); A DECLINE OF 46.68% FROM THE PRIOR FINANCIAL YEAR.}

^LEVERAGE:

^{IN THE SHORT-TERM, SUBJECT WAS LARGELY FINANCED BY TRADE CREDITORS WHICH MADE UP 94.13% (2004: 98.11%) OF THE TOTAL CURRENT LIABILITIES AND AMOUNTED TO S$896,492 (2004: S$1,012,835).}

^{IN ALL, LEVERAGE RATIO IS SUBSTANTIAL AT -30.24 TIMES.}

^LIQUIDITY:

^{IN GENERAL, SUBJECT'S LIQUIDITY SITUATION WAS WEAK AS SEEN FROM THE NET WORKING CAPITAL DEFICIT AND LOW LIQUIDITY RATIOS. CURRENT RATIO ROSE TO 0.97 TIMES, UP FROM 0.94 TIMES AND QUICK RATIO FELL TO 0.53 TIMES FROM 0.66 TIMES IN FY 2004.}

^{NET WORKING CAPITAL DEFICIT FELL BY 46.69% FROM S$59,080 IN FY 2004 TO}

^S$31,495.

^{PROFITABILITY:}

^{REVENUE POSTED AN INCREASE OF 26.09% FROM S$1,863,178 IN FY 2004 TO S $2,349,335 AND NET PROFIT ROSE BY 56.10% TO S$27,585 (2004: S$17,671). HENCE, NET MARGIN ROSE TO 1.17% (2004: 0.95%).}

^{DEBT SERVICING:}

^{DEBT SERVICING PROBLEMS MIGHT BE EXPECTED WITH THE NEGATIVE NET WORTH AND LOW LIQUIDITY. IN ADDITION, THE SUBJECT HAS SUBSTANTIAL GEARING.}

^{LIMITED EXEMPT PRIVATE COMPANY:}

^{WHERE THE SHARES OF A PRIVATE COMPANY ARE NOT OWNED BY ANY CORPORATE BODY AND THERE ARE NO MORE THAN 20 MEMBERS, THE PRIVATE COMPANY IS KNOWN AS AN EXEMPT PRIVATE COMPANY.}

^{AN EXEMPT PRIVATE COMPANY ENJOYS A GREATER AMOUNT OF PRIVACY THAN A PRIVATE COMPANY. IT IS NOT REQUIRED TO FILE ACCOUNTS WITH THE REGISTRAR IF IT CAN PRODUCE A CERTIFICATE SIGNED BY ONE OF ITS DIRECTORS, SECRETARY AND AUDITOR CONFIRMING THE FOLLOWING POINTS:}

^{1. THE COMPANY IS AN EXEMPT PRIVATE COMPANY.}

^{2. THE AUDITED ACCOUNTS HAVE BEEN TABLED BEFORE THE SHAREHOLDERS AT THE ANNUAL GENERAL MEETING.}

^{3. THE COMPANY IS ABLE TO MEET ITS LIABILITIES.}

^{THERE IS THEREFORE NO DISCLOSURE TO THE PUBLIC OF THE ACCOUNTS OF THE COMPANY ALTHOUGH THE ACCOUNTS STILL HAVE TO BE AUDITED EVERY YEAR AND APPROVED AT AN ANNUAL GENERAL MEETING OF THE COMPANY.}

^{A PRIVATE COMPANY THAT IS WHOLLY OWNED BY THE GOVERNMENT MAY BECOME AN EXEMPT PRIVATE COMPANY IF THE MINISTER FOR FINANCE, IN THE NATIONAL INTEREST, DECLARES IT TO BE SUCH BY A GAZETTE NOTIFICATION.}

^{EXEMPT FROM AUDIT}

^{AN EXEMPT PRIVATE COMPANY IS EXEMPT FROM AUDIT REQUIREMENTS IF THE STARTING DATE OF ITS FINANCIAL YEAR IS BETWEEN 15 MAY 2003 AND 31 MAY 2004 AND ITS TURNOVER FOR THAT FINANCIAL YEAR DOES NOT EXCEED $2.5 MILLION. FOR FINANCIAL YEARS STARTING 1 JUNE 2004, THE AMOUNT OF THE TURNOVER HAS BEEN RAISED TO $5 MILLION. THESE COMPANIES ARE STILL REQUIRED TO MAINTAIN PROPER ACCOUNTING.}

BACKGROUND/OPERATION

^{THE COMPANY WAS INCORPORATED IN THE REPUBLIC OF SINGAPORE ON 10/07/2001 AS A LIMITED EXEMPT PRIVATE COMPANY AND IS TRADING UNDER ITS PRESENT NAMESTYLE AS "FUJI TECHNOLOGIES PTE LTD".}

^{AS AT 20/07/2007, THE COMPANY HAS ISSUED AND PAID-UP CAPITAL OF 10 SHARES OF A VALUE OF S$10.}

^{PRINCIPAL ACTIVITIES:}

^{SUBJECT IS REGISTERED WITH THE ACCOUNTING & CORPORATE REGULATORY AUTHORITY (ACRA) TO BE PRINCIPALLY ENGAGED IN THE BUSINESS OF:}

^{1) INDUSTRIAL PLANT ENGINEERING SERVICES}

^{2) GENERAL WHOLESALE TRADE (INCLUDING GENERAL IMPORTERS & EXPORTERS)}

^{DURING THE FINANCIAL YEAR UNDER REVIEW, THE PRINCIPAL ACTIVITIES OF THE COMPANY CONSIST OF IMPORTERS AND EXPORTERS OF INDUSTRIAL PLANT MACHINERY AND PARTS.}

^{FROM THE RESEARCH DONE, THE FOLLOWING INFORMATION WAS GATHERED:}

^{BACKGROUND OF THE SUBJECT:}

^{FUJI TECHNOLOGIES PTE LTD WAS ESTABLISHED IN 2001 AS A SALES REPRESENTATIVE COMPANY FOR FUJI ELECTRIC INSTRUMENTS CO., LTD. THE ESTABLISHMENT OF THIS NEW IDENTITY IS TO ENHANCE THEIR MARKETING SUPPORT OF FUJI ELECTRIC INSTRUMENTS TO THEIR DISTRIBUTION NETWORK IN THIS REGION. PRIOR TO THE ESTABLISHMENT, FUJI ELECTRIC INSTRUMENTS HAVE BEEN OPERATING AS PART OF FUJI ELECTRIC SINGAPORE SINCE 1993.}

^{IN ORDER TO BE ABLE TO MEET THEIR CUSTOMER EXPECTATION, FUJI TECHNOLOGIES HAD ESTABLISHED HER OWN SERVICE CENTER IN KUALA LUMPUR, MALAYSIA UNDER MICRES ENGINEERING (M) SDN BHD IN 2001.}

^{SUBJECT ENGAGES IN THE FOLLOWING ACTIVITIES:}

^{* SUPPLY OF INDUSTRIAL EQUIPMENT AND PARTS}

^{PRODUCTS DEALINGS:}

^{INSTRUMENTATION}

^{* PRESSURE TRANSMITTERS}

^{* FLOWMETERS}

^{* GAS ANALYSERS}

^{* Z SERIES TEMPERATURE CONTROLLERS}

^{* RECORDERS}

^{* COMPACT CONTROLLERS M (CC-M)}

^{* DIGITAL PANEL METER}

^{ENVIRONMENTAL}

^{* BACTERICIDE}

^{* OZONIZER}

^{* GARBAGE DIGESTER}

^{MARKETS SERVED:}

^{INSTRUMENTATION AND ENVIRONMENTAL}

^{* THAILAND}

^{* PHILIPPINES}

^{* AUSTRALIA}

^{INSTRUMENTATION}

^{* MALAYSIA}

^{* VIETNAM}

^{OVERSEAS OFFICE:}

^{* MALAYSIA (TECHNICAL SUPPORT)}

^{NO OTHER TRADE INFORMATION IS AVAILABLE AS TELE-INTERVIEW WAS NOT RANTED BY SUBJECT'S PERSONNEL ON 25/07/2007.}

^{NUMBER OF EMPLOYEES (30 JUNE):}

^{* COMPANY - 2005: 2 (2004: 2)}

^{* GROUP - 2005: - (2004: -)}

^{REGISTERED AND BUSINESS ADDRESS:}

^{91 DEFU LANE 10}

^{#04-03 SWEE HIN BUILDING}

^{SINGAPORE 539221}

^{- RENTED PREMISE}

^{- OWNED BY SWEE HIN ENTERPRISE GUNNY BAG (PTE.) LTD.}

^{- DATE OF CHANGE OF ADDRESS: 23/07/2004}

^{OVERSEAS OFFICE:}

^{MALAYSIA (TECHNICAL SUPPORT)}

^{MICRES ENGINEERING (M) SDN. BHD}

^{NO.32, JALAN DESA 13/7 BCH,}

^{48000 RAWANG, SELANGOR D.E.}

^MALAYSIA

^{TEL : 603-6733 1873}

^{FAX : 603-6733 1873}

^{EMAIL : technical@fujitech.com.sg}

^WEBSITE:

^{http://www.fujitech.com.sg}

^EMAIL:

^{sales@fujitech.com.sg}

MANAGEMENT

^{THE DIRECTORS AT THE TIME OF THE REPORT ARE:}

^{1) ONG CHIN LEONG, A SINGAPOREAN}

^{- OTHER DIRECTORSHIP(S) IN OUR DATABASE:}

^{TECHFOCUS ENGINEERING SERVICES PTE LTD}

^{2) ONG BEE HWA, A SINGAPOREAN}

^{- HOLDS NO OTHER DIRECTORSHIP IN OUR DATABASE.}

Singapore’s Country Rating 2007

Rating: A1

Investment Grade

IN SINGAPORE, THE POLITICAL SITUATION REMAINS STABLE.

SINGAPORE BOASTS THE BEST GOVERNANCE IN ASIA, WITH AN EFFECTIVE LEGAL SYSTEM FACILITATING DEBT COLLECTION AND TO A HIGH DEGREE OF FINANCIAL TRANSPARENCY.

EXTERNAL ACCOUNTS HAVE REMAINED SUBSTANTIALLY IN SURPLUS, CONTRIBUTED TO THE DYNAMISM OF THE ELECTRONICS AND PHARMACEUTICALS SECTORS AND TO REPATRIATION OF PROFITS FROM SINGAPORE INVESTMENTS. THE FINANCIAL AND TOURISM SECTORS HAVE ALSO CONTRIBUTED TO THE LARGE CURRENT ACCOUNT SURPLUS.

SINGAPORE CONTINUES TO KEENLY WELCOME FOREIGN INVESTMENT AND OFFERS A VERY OPEN AND WELL-PLANNED ECONOMIC AND POLITICAL ENVIRONMENT. IT HAS BEEN IMPLEMENTING AMBITIOUS DIVERSIFICATION STRATEGY, FOCUSED PARTICULARLY ON THE CHEMICALS AND PHARMACEUTICAL SECTORS.

THE GOVERNMENT USES FOREIGN DIRECT INVESTMENT TO DEVELOP PRIORITY SECTORS (ELECTRONICS, CHEMICALS, BIOTECHNOLOGY). THE AIM IS TO ENCOURAGE THE GROWTH OF HIGH ADDED-VALUE ACTIVITIES AND TURN SINGAPORE INTO A REGIONAL HUB FOR FOREIGN INVESTORS INTERESTED IN ASIA.

CERTAIN SECTORS (MEDIA, LEGAL AND FINANCIAL SERVICES) ARE HOWEVER ONLY PARTIALLY OPEN TO FOREIGN INVESTMENT. THESE SECTORS ARE SLOWLY OPENING UP, BUT THE PROGRESS IS SLOW.

AFTER HIGH GROWTH IN 2006, BUOYED BY THE DYNAMISM OF BOTH EXPORTS AND HOUSEHOLD CONSUMPTION, A SLOWDOWN IS EXPECTED IN 2007.

ASSETS

• MAJOR EXPORTER OF CAPITAL IN ASIA, NOTABLY VIA THE STATE-OWNED TEMASEK HOLDING COMPANY.
• HIGH QUALITY COMPETITIVENESS IN ASIA
• EXCELLENT BUSINESS CLIMATE
• POLITICAL STABILITY.

WEAKNESSES

• SKILLED MANPOWER HAS BEEN LACKING IN THE SECTORS TARGETED FOR DEVELOPMENT.
• AN AGEING POPULATION COULD, ULTIMATELY, AFFECT ECONOMIC PERFORMANCE.
• GROWING INEQUALITY AND THE EMERGENCE OF LONG-TERM UNEMPLOYMENT AMONG THE LEAST SKILLED COULD GENERATE SOCIAL TENSIONS.
• BEING THE WORLD’S MOST OPEN ECONOMY, IT HAS BEEN VULNERABLE TO WORLD ECONOMIC DOWNTURNS.

SOURCES: COFACE COPYRIGHT. ALL RIGHTS RESERVED.

WHOLESALE AND RETAIL TRADE SECTOR

PAST PERFORMANCE

DOMESTIC WHOLESALE TRADE INDEX

THE OVERALL DOMESTIC WHOLESALE TRADE DECLINED BY 7.5% IN Q1 2007. EXCLUDING PETROLEUM, DOMESTIC SALES FELL BY 7.4%. SECTORS OF ELECTRONIC COMPONENTS, SHIP CHANDLERS AND BUNKERING, INDUSTRIAL AND CONSTRUCTION MACHINERY REPORTED DECLINES OF 11.6% TO 23.8%.

HOWEVER, WHOLESALERS OF FOOD, BEVERAGES AND TOBACCO REGISTERED HIGHER TURNOVER OF 5.4%.

FOREIGN WHOLESALE TRADE INDEX

THE OVERALL FOREIGN WHOLESALE TRADE IN QUARTER 1 2007 FELL BY 7.6%. EXCLUDING PETROLEUM, FOREIGN SALES DECLINED BY 8.0%. MOST WHOLESALE SECTORS REPORTED LOWER OVERSEAS RECEIPTS IN QUARTER 1 2007 COMPARED TO THE PREVIOUS QUARTER, EXCEPT HOUSEHOLD EQUIPMENT AND FURNITURE SECTOR. SHIP CHANDLERS & BUNKERING REPORTED THE LARGEST DECLINE OF 18.3% IN QUARTER 1 2007, FOLLOWED BY FOOD BEVERAGES & TOBACCO SECTOR OF 17.7%.

RETAIL TRADE

THE OVERALL RETAIL SALES ROSE MARGINALLY BY 0.7% IN QUARTER 2 2007, COMPARED TO QUARTER 2 2006. EXCLUDING MOTOR VEHICLES, RETAIL SALES ROSE BY 5.1%. SALES OF OPTICAL GOODS & BOOKS, FURNITURE & HOUSEHOLD EQUIPMENT AND SUPERMARKETS ENJOYED STRONG GROWTHS OVER A YEAR AGO. PROVISION & SUNDRY SHOPS, WATCHES AND JEWELLERY, DEPARTMENT STORES AND WEARING APPAREL & FOOTWEAR SECTORS ALSO REPORTED HIGHER SALES OF 4.35 TO 5.9% RESPECTIVELY.

HOWEVER, RETAILERS OF MOTOR VEHICLES, FOOD & BEVERAGES, TELECOMMUNICATIONS APPARATUS & COMPUTERS AND PETROL SERVICES STATIONS REPORTED LOWER SALES.

OUTLOOK

GENERALLY, WHOLESALERS EXPECT TO DO WELL FOR THE NEXT 6 MONTHS, WITH A POSITIVE NET WEIGHTED BALANCE OF 17%. DEALERS OF FOOD & BEVERAGES, TROPICAL PRODUCE, TEXTILES & LEATHER GOODS AND HOUSEHOLD ELECTRICAL APPLIANCE & EQUIPMENT ARE AMONG THOSE WHO ARE OPTIMISTIC.

RETAIL TRADE FIRMS ANTICIPATE BUSINESS TO BE LESS BRISK FOR THE NEXT 6 MONTHS. IN PARTICULAR, DEPARTMENT STORES, SUPERMARKETS AND RETAILERS OF MOTOR VEHICLES EXPECT SLOWER BUSINESS IN THE COMING MONTHS.

EXTRACTED FROM: MINISTRY OF TRADE AND INDUSTRY, SINGAPORE

SINGAPORE DEPARTMENT OF STATISTICS

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions